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There are many online merchants and fintech companies that offer the facility of buy now, pay later or BNPL in short. It is a kind of short-term financing that helps customers to buy things instantly without paying any upfront cost. Through BNPL, customers can buy items and pay for them at a future date without any interest, in most cases. Significance of BNPL Today, the option of BNPL is beneficial for both customers and eCommerce portals. This option on major eCommerce portals is playing a crucial role in not only increasing the conversion rate but also the overall revenue. Eliminating the need of having a credit card for shopping purposes, BNPL encourages people to buy things of their choice in easy EMIs that would otherwise be out of their budget. Now that we have learned what BNPL is and how it works, let’s see out one can apply for it. How to Apply for BNPL: The Process While the process for applying for BNPL is more or less the same on different platforms, here we will...

If you are someone who is quite often engaged in online shopping, you may probably have noticed the option of buy now, pay later or BNPL on the checkout page of most eCommerce websites and apps. BNPL has changed the landscape of online shopping by creating a win-win situation for both, customers and sellers. It increases the purchasing capacity of customers and boosts the sales and overall revenue for sellers. The post covers things that you need to know about BNPL. What is BNPL? The scheme of BNPL in India is facilitated by several fintech companies. A kind of short-term financing, BNPL allows customers to make purchases and choose a convenient payment method for repayment at a future date, which is often interest-free. To avail of BNPL, you need to first sign up with the online merchant/fintech company offering this facility.   How Does It Work? Imagine you visit an online store that allows you to buy an item of your choice with the BNPL scheme. Now, you won’t have to...